Bill hwang5/23/2023 ![]() Hwang contributed just over $27 million worth of Amazon shares to the nonprofit in 2018. Hwang, who is listed as a director of the foundation, contributed $14 million in Amazon stock that year to the nonprofit. Though using stock shares to fund nonprofits is not illegal, 2019 did mark yet another year of Hwang appearing to use his financial acumen to help boost his charity's finances. The 501(c)(3)'s noncharitable assets also jumped significantly to just under $570 million from a little over $500 million a year prior. The disclosure says that by the end of 2019, the fair market value of all of the nonprofits assets was at over $630 million. The new documents show the nonprofit had net assets of just over $580 million in 2019, while by the end of the prior year they were worth north of $470 million. The Hwang press team did not return a request for comment to CNBC before publication of this story. Hwang's charity declined to provide the documents. Sherrod Brown, D-Ohio - the chairman of the powerful Senate Banking Committee -previously requested the financial institutions linked to the Archegos meltdown to give details on their relationships with the Hwang family office.ĬNBC had asked Hwang's public relations team in April if the charity could provide a copy of its 2019 disclosure form which, at that time, had not been made public. The banks involved with the transactions have reportedly been under investigation by the Department of Justice. In late March, it ignited what would turn out to be a wave of forced liquidations of Hwang's stock positions at a slew of Wall Street banks that ended up being worth at least $20 billion. Archegos Capital's leveraged bets in ViacomCBS blew up.
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